Thai TPIP creditors to vote on debt plan Oct 28

Thai TPIP creditors to vote on debt plan Oct 28
Published: 15 October 2004

Thailand’s number three cement maker, will meet on Oct. 28 to vote on the company’s new debt restructuring plan, a creditor source said on Friday.

The vote is expected to approve the firm’s request for an extension of its debt revamp period and a revision of the terms of restructuring $600 million of debt, he said.

"The company’s creditors have already discussed the new debt plan with TPI Polene. They have already agreed," the source, who declined to be identified, told Reuters.

After the vote by creditors, the plan would be submitted to the Central Bankruptcy Court on Nov. 9 for approval, he said.

TPIP asked the court to give it 12 more months, until the end of 2005, to restructure its debt as it wanted to repay overdue interest of 5 billion baht ($120m) in cash instead of converting it into equity.

Late last month, the court rejected the company’s request, saying TPIP had to renegotiate the debt plan with creditors and resubmit it.